Explore the income strategies

Rules-based UCITS income portfolios, simulated month by month on historical data and shown in euro. Returns are time-weighted, so strategies with different capital and start dates can be compared. Last month simulated: Sep 2026.

Compare them on one chart →Growth of €10,000, switch strategies on and off
Order by Ours Most income Highest return Best return for the risk Smallest drawdown
QF5 CAGR +38.1% 8 funds

Quality Five

Five covered-call funds with the best Quality Score, yielding at least 30% a year, one per underlying, re-ranked at each month-end and kept while they stay in the top 7; 20% in three dividend ETFs (emerging markets, Europe ex-UK, euro area) as ballast. More income than All IncomeShares with a fraction of the funds, and a deeper fall in bad months.

  • Aug 2024 – Sep 2026
  • Monthly
  • Max drawdown -26.8%
  • Sharpe 1.06 vs 1.40
  • TER 0.52%
Strategy S&P 500
Return 1Y
+64.2%
S&P 500 +20.9%
Return since start
+95.7%
S&P 500 +37.1%
Monthly income per €10k
€512
before tax, last 12m
Trade-off vs S&P 500, same period +€477 income a month per €10k held +21.7 pts return a year
S&P 500 since strategy start +37.1%
View strategy Open in FIRE projection
ALLIS CAGR +26.8% 56 funds

All IncomeShares

Every IncomeShares ETP from its own launch date. Half of the income is reinvested into the 10 funds with the highest current yield.

  • Aug 2024 – Sep 2026
  • Monthly
  • Max drawdown -20.4%
  • Sharpe 1.10 vs 1.40
  • TER 0.51%
Strategy S&P 500
Return 1Y
+27.4%
S&P 500 +20.9%
Return since start
+63.8%
S&P 500 +37.1%
Monthly income per €10k
€479
before tax, last 12m
Trade-off vs S&P 500, same period +€459 income a month per €10k held +10.4 pts return a year
S&P 500 since strategy start +37.1%
View strategy Open in FIRE projection
INC5 CAGR +14.0% 12 funds

Income Target 5

A stable core of 7 dividend and index ETFs plus a satellite of 5 covered-call funds yielding at least 40% a year. Funds are picked by Quality Score at each month-end and kept while they stay in the top 8, for at least 3 months, to avoid needless trading.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -22.3%
  • Sharpe 0.85 vs 1.40
  • TER 0.44%
Strategy S&P 500
Return 1Y
+20.8%
S&P 500 +20.9%
Return since start
+61.5%
S&P 500 +89.7%
Monthly income per €10k
€313
before tax, last 12m
Trade-off vs S&P 500, same period +€336 income a month per €10k held -5.1 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
CORE7 CAGR +15.5% 7 funds

Core Seven

Seven UCITS dividend and index ETFs held for the long term. Half of the income is reinvested into the 5 funds with the highest current yield.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -5.8%
  • Sharpe 1.78 vs 1.40
  • TER 0.28%
Strategy S&P 500
Return 1Y
+23.7%
S&P 500 +20.9%
Return since start
+69.7%
S&P 500 +89.7%
Monthly income per €10k
€31
before tax, last 12m
Trade-off vs S&P 500, same period +€17 income a month per €10k held -3.6 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
INCG CAGR +14.1% 12 funds

Income Target Growth

A stable core of 7 dividend and index ETFs plus a satellite of 5 covered-call funds yielding at least 40% a year. Funds are picked by Quality Score at each month-end and kept while they stay in the top 8, for at least 3 months, to avoid needless trading. Half of every exit goes to the core, which grows over time.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -16.8%
  • Sharpe 1.03 vs 1.40
  • TER 0.34%
Strategy S&P 500
Return 1Y
+16.2%
S&P 500 +20.9%
Return since start
+62.3%
S&P 500 +89.7%
Monthly income per €10k
€233
before tax, last 12m
Trade-off vs S&P 500, same period +€228 income a month per €10k held -5.0 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
EURI CAGR +15.9% Open to everyone 6 funds

Euro Income

Funds whose assets are in euro: four dividend ETFs and four option-income funds. European companies and euro bonds, so the exchange rate does not decide how the year ends.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -5.3%
  • Sharpe 1.69 vs 1.40
  • TER 0.37%
Strategy S&P 500
Return 1Y
+21.0%
S&P 500 +20.9%
Return since start
+71.8%
S&P 500 +89.7%
Monthly income per €10k
€58
before tax, last 12m
Trade-off vs S&P 500, same period +€37 income a month per €10k held -3.2 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
INCC CAGR +15.1% 11 funds

Income Conservative

The Income Target rules with a smaller satellite: 20% of the capital in four covered-call funds, the rest in the stable core. Less income, and a much gentler ride.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -9.3%
  • Sharpe 1.41 vs 1.40
  • TER 0.32%
Strategy S&P 500
Return 1Y
+22.1%
S&P 500 +20.9%
Return since start
+67.5%
S&P 500 +89.7%
Monthly income per €10k
€138
before tax, last 12m
Trade-off vs S&P 500, same period +€108 income a month per €10k held -4.0 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
INCB CAGR +14.1% 13 funds

Income Balanced

The Income Target rules with the satellite at 40% of the capital: six covered-call funds and a larger stable core. The middle step between Income Conservative and Income Target.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -12.7%
  • Sharpe 1.12 vs 1.40
  • TER 0.36%
Strategy S&P 500
Return 1Y
+18.7%
S&P 500 +20.9%
Return since start
+62.0%
S&P 500 +89.7%
Monthly income per €10k
€209
before tax, last 12m
Trade-off vs S&P 500, same period +€186 income a month per €10k held -5.0 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
AWIN CAGR +12.0% 13 funds

All Weather Income

A core of five index and dividend ETFs and four bond funds, plus four covered-call funds for 20% of the capital. The income of the option side, with a core that holds up when equities do not.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -9.0%
  • Sharpe 1.55 vs 1.40
  • TER 0.44%
Strategy S&P 500
Return 1Y
+14.5%
S&P 500 +20.9%
Return since start
+51.3%
S&P 500 +89.7%
Monthly income per €10k
€144
before tax, last 12m
Trade-off vs S&P 500, same period +€119 income a month per €10k held -7.1 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
PLUS CAGR +20.3% 6 funds

Core Plus

An index core — S&P 500 and Nasdaq 100, both distributing — with 15% in the option-income funds whose distributions are best covered. The core does the work; the satellite turns part of the return into monthly cash.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -16.1%
  • Sharpe 1.45 vs 1.40
  • TER 0.13%
Strategy S&P 500
Return 1Y
+23.6%
S&P 500 +20.9%
Return since start
+96.6%
S&P 500 +89.7%
Monthly income per €10k
€28
before tax, last 12m
Trade-off vs S&P 500, same period +€14 income a month per €10k held +1.2 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
TECH CAGR +20.5% 7 funds

Tech Income

Two thirds Nasdaq 100, one third S&P 500, and 20% in covered-call funds selected for sustainable distributions. More income than Core Plus, and a shallower fall in the bad months than the index itself.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -15.4%
  • Sharpe 1.47 vs 1.40
  • TER 0.16%
Strategy S&P 500
Return 1Y
+23.7%
S&P 500 +20.9%
Return since start
+98.1%
S&P 500 +89.7%
Monthly income per €10k
€27
before tax, last 12m
Trade-off vs S&P 500, same period +€14 income a month per €10k held +1.4 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
GROW CAGR +20.4% 8 funds

Growth Income

The same growth core with 30% in option-income funds: the most cash of the three, still matching the S&P 500 after Italian taxes, with the smallest drawdown of the group.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -15.2%
  • Sharpe 1.51 vs 1.40
  • TER 0.18%
Strategy S&P 500
Return 1Y
+23.6%
S&P 500 +20.9%
Return since start
+97.2%
S&P 500 +89.7%
Monthly income per €10k
€36
before tax, last 12m
Trade-off vs S&P 500, same period +€21 income a month per €10k held +1.3 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection
SUST CAGR +14.3% 15 funds

Sustainable Income

Eight option-income funds with the highest Sustainable Income score: those paying out less than they earn, with a price that is holding up and regular payments.

  • Jan 2023 – Sep 2026
  • Monthly
  • Max drawdown -8.0%
  • Sharpe 1.62 vs 1.40
  • TER 0.38%
Strategy S&P 500
Return 1Y
+21.2%
S&P 500 +20.9%
Return since start
+63.3%
S&P 500 +89.7%
Monthly income per €10k
€121
before tax, last 12m
Trade-off vs S&P 500, same period +€94 income a month per €10k held -4.8 pts return a year
S&P 500 since strategy start +89.7%
View strategy Open in FIRE projection

Half of the income is reinvested and half is paid out; returns include the income paid out. Gross figures apply no tax. The S&P 500 is the Vanguard S&P 500 UCITS ETF (VUSA) with distributions reinvested, simulated with the same rules and taxes. Trades on the last trading day of each month, amounts converted to euro at the daily exchange rate. Data updated to 30 Sep 2026. The trade-off line compares each strategy with the S&P 500 over the same months: how much more income it paid, and how many points of yearly return it gave up or gained. Past performance is not a reliable indicator of future results.

Important information. Master of Yield is an independent research tool. All content on this site, including fund data, screeners, scores, model portfolios and backtests, is provided for information and education only. Nothing here is investment, legal, tax or accounting advice, nor a recommendation or solicitation to buy, sell or hold any financial instrument. We are not a broker, a bank or an authorised investment adviser, and we have no knowledge of your personal circumstances. Any investment decision you make is yours alone: consult a qualified adviser before acting.

Our approach. Our model portfolios follow a purely quantitative, rules-based method focused on income. Funds are selected, ranked and rotated by statistical criteria applied mechanically: price erosion since inception, sustainability of distributions, dividend growth, yield and total return. No discretionary judgement or view on individual companies or markets is involved, and the same rules apply to every fund.

About the backtests. Portfolio results are hypothetical simulations run on historical data, not records of real trades or of any real account. Among other simplifications, they assume every fund could be bought and sold at its month-end price with no spread, commission or market impact; they show figures before tax unless you set your own tax profile under "Taxes", where you choose your country and can adjust every rate and the commission your broker charges per trade — those figures are an estimate, not a tax calculation; and they convert every amount to euro at the daily exchange rate. The fund universe only contains products that exist today, so funds that closed in the past are missing, which tends to flatter results. Many funds have short histories, so some results cover only a few years of a largely rising market. Rules may be refined over time and each refinement is applied to the full history, so past results can change. Past or simulated performance does not guarantee future results, and every investment can lose value, including the capital invested.

About the data. Data is collected from publicly available open sources and third-party providers and is not independently verified. No warranty is given as to its accuracy, completeness or timeliness. Always check figures with the fund provider before acting. Fund reference data (expense ratio, fund size, domicile) is completed with the EU ETF Universe dataset by Danimoth, used under the CC BY 4.0 licence: danimoth.com/dataset.

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